Investor buys 10% one-year debentures with variable conversion price
By Devika Patel
Knoxville, Tenn., Feb. 23 – Notis Global, Inc. settled a $210,000 initial tranche of a $420,000 private placement of 10% convertible debentures with a lone investor on Feb. 18, according to an 8-K filed Tuesday with the Securities and Exchange Commission.
The notes mature in one year and are convertible into common shares at the lesser of $0.75 and a 40% discount to the lowest traded price of the stock during the 30 trading days preceding conversion. The company may prepay the debentures with a 30% premium.
Settlement of the second and final $210,000 tranche is expected March 18.
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| Issuer: | Notis Global, Inc.
|
| Issue: | Convertible debentures
|
| Amount: | $420,000
|
| Maturity: | One year
|
| Coupon: | 10%
|
| Conversion price: | The lesser of $0.75 and a 40% discount to the lowest traded price of the stock during the 30 trading days preceding conversion
|
| Call: | At 130
|
| Warrants: | No
|
| Settlement dates: | Feb. 18 (for $210,000), March 18 (for $210,000)
|
| Stock symbol: | OTCBB: MDBX
|
| Stock price: | $0.01 at close Feb. 17
|
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